For U.S. users, every sat spent on groceries currently demands a capital-gain calculation. That’s insane for a network that can split a Bitcoin into 100 million units. The bill’s $300 buffer borrows from the existing foreign-currency exemption, acknowledging that nobody tracks penny-level FX gains when they swipe a Visa in Paris. 🍷🌍
According to a report published by CNBC, the latest nonfarm payrolls report showed 147,000 jobs were added in June, beating expectations of 110,000 and exceeding the upwardly revised 144,000 from May. Meanwhile, the unemployment rate fell to 4.1%, defying forecasts for a rise to 4.3%, according to the Bureau of Labor Statistics.
Here’s the lark: while the ever-diligent SEC staff initially gave GDLC the thumbs up (very hush-hush, not a vote in sight), the commissioners suddenly fancied a closer look, calling “time out!” Faster than you can say “red tape!”, Grayscale and the New York Stock Exchange were left hanging in suspense—a kind of bureaucratic cliffhanger, if you will.
And you know what? Eric Balchunas, the senior ETF analyst at Bloomberg, isn’t exactly disagreeing. He pointed out that IBIT is already the third-highest revenue-generating ETF for the New York-headquartered giant, raking in a cool $191 million. 🤑
Currently, Bitcoin’s loitering just above $110,000 like someone who’s just remembered they left their Bentley in a no-parking zone. Only three weeks ago it had a (justifiable) existential crisis at $58K, but now it’s channeling its inner Brigitte Jones post-diary-resolution, bouncing up by nearly 90%. And where are we now? Through $108K resistance and flashing technical signals more bullish than a motivational poster in a WeWork kitchen (yes, “Live, Laugh, Leverage”).
According to the ever-reliable Coinglass data, the total liquidations amounted to a cool $333.59 million, with the most significant single liquidation order occurring on Binance, and valued at a not-so-modest $8.87 million. That’s enough to buy a small island, or at least a very fancy yacht. 🛥️💨
So, it turns out that while Trump’s budget didn’t throw a single bone to the crypto crowd, the liquidity boost it promises might just send the market into fits of joy. On Thursday, June 3, the U.S. House, in what can only be described as a vote as narrow as a pin’s head, passed House Resolution 1 – a budget bill of such monumental size, one might expect it to come with its own zip code.
These big fancy asset managers – they’re moving trillions (with a “T”, not an “M”!) around like they’re auditioning for a financial Fast & Furious sequel – and yet, somehow, they’re doing half of it with software that was cool back when Seinfeld was on the air. You got spreadsheets here, Excel there, some guy probably named Keith emailing “capital calls” like he’s inviting people to a Tupperware party. Hey, Keith, you wanna send me a fax while you’re at it? Maybe throw in a carrier pigeon? 🐦💸
Now, this is the first time Bahrain has clear regulations on stablecoins. The CBB intends to ensure that stablecoins are fully backed by real money. It hence demands that those who are issuing maintain a 1:1 reserve ratio. This implies that a stablecoin should be covered by an equivalent balance in money or quality liquid assets.
Ripple Labs, in their infinite wisdom, has applied for a US banking license. Could this be the spark that sends XRP soaring to $2.65? We shall see.
